Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v3.19.3
Discontinued Operations (Tables)
9 Months Ended
Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued operations
The following table details the components comprising net (loss) income from the Company's discontinued operations attributable to common stockholders:
  Three Months Ended September 30, Nine Months Ended September 30,
 (dollars in millions) 2019 2018
2019 (1)
2018
Net sales $ —    $ 422.1    $ 65.3    $ 1,414.6   
Cost of sales —    (260.0)   (45.5)   (850.7)  
Selling, technical, general and administrative (0.4)   (103.6)   (37.8)   (375.5)  
Research and development —    (12.0)   (4.6)   (38.9)  
(Loss) gain on Arysta Sale (0.1)   (376.0)   2.4    (376.0)  
Operating loss (0.5)   (329.5)   (20.2)   (226.5)  
Other, net 0.7    (30.3)   9.4    (14.5)  
Income (loss) from discontinued operations, before income taxes 0.2    (359.8)   (10.8)   (241.0)  
Income tax (expense) benefit (1.1)   (41.8)   24.0    (52.3)  
(Loss) income from discontinued operations, net of tax (0.9)   (401.6)   13.2    (293.3)  
Net income from discontinued operations attributable to the non-controlling interests —    (1.0)   —    (0.8)  
Net (loss) income from discontinued operations attributable to common stockholders $ (0.9)   $ (402.6)   $ 13.2    $ (294.1)  
(1) Includes activity through January 31, 2019, when the Arysta Sale was completed, and certain post-closing adjustments relating to, among
other things, cash, indebtedness and working capital as of the closing date.
The carrying value of major classes of assets and liabilities related to the Company's discontinued operations were as follows:
September 30, December 31,
 (dollars in millions) 2019 2018
Assets
Cash and cash equivalents $ —    $ 177.8   
Accounts receivable, net —    919.4   
Inventories —    369.1   
Other current assets 8.1   

155.0   
Current assets of discontinued operations $ 8.1    $ 1,621.3   
Property, plant and equipment, net $ —    $ 172.0   
Goodwill —    1,816.9   
Intangible assets, net —    1,797.7   
Other assets 6.5    (374.2)   (1)  
Non-current assets of discontinued operations $ 6.5    $ 3,412.4   
Liabilities
Accounts payable $ —    $ 365.7   
Current installments of revolving credit facilities —    52.5   
Accrued expenses and other current liabilities 38.2    408.6   
Current liabilities of discontinued operations $ 38.2    $ 826.8   
Deferred income taxes $ —    $ 369.9   
Other liabilities —    46.3   
Non-current liabilities of discontinued operations $ —    $ 416.2   
(1) Includes the impairment loss of $450 million on discontinued operations at December 31, 2018.